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Gold, silver tank to hit 4-month lows on selling

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SummaryGold prices tumbled to hit nearly four-month lows at the bullion market here today on hectic selling by stockists and investors in the backdrop of sharp fall in global markets.

Gold prices tumbled to hit nearly four-month lows at the bullion market here today on hectic selling by stockists and investors in the backdrop of sharp fall in global markets.

Silver also plunged to revisit Rs 57,000 per kg level on frantic speculative profit-taking amid subdued industrial demand. Standard gold (99.5 purity) dropped by Rs 230 per 10 gram to close at Rs 30,365 from Thursdays closing level of Rs 30,595.

Pure gold (99.9 purity) fell by Rs 240 per 10 gram to finish at Rs 30,495 from Rs 30,735.

Silver ready (.999 fineness) tanked by Rs 1,765 per kg to conclude at Rs 57,830 as compared to Rs 59,595 previously.

Both the precious metals got bogged down by overseas sell-off, a dealer said.

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